Cash payments are constantly growing. According to The Harris Poll research, 53% of US customers used more cash in 2023. Similar trends were observed in the UK, Italy, France, and many other countries.
This is simply because people feel cash payments give them more control over their spending habits and budgeting. However, for businesses, this means that having a high-quality bill checker is more important than ever.
We recommend choosing industry-famous names like Carnation Inc. to make sure your bill checker not only counts the bills perfectly but also detects the fake ones. Your customers will thank you for the efficient and speedy payment process. Want to make your cash handling even better? Learn these five best practices today!
Organize
Organization is a key aspect of a successful business. It doesn’t matter how big or small your business is – you must keep everything organized. This includes cash payments, too.
Designate specific areas for different cash-related tasks, such as counting, storing, and depositing. You should also implement clear procedures for each step to minimize errors and confusion. This will ultimately ensure a smooth flow of cash operations.
Create a Schedule
This is part of cash management, but it is so important that we decided to mention it separately. You must create a routine for counting the cash, checking the transactions (audit), and depositing the amount to the bank.
Don’t just organize it, but ensure that your business cash is actually being transferred to where it belongs. Without this practice, you won’t be able to establish accountability and discipline among staff. This could lead to a lot of mishandling and a huge financial loss.
Avoid Keeping All the Cash in One Place
People with bad intentions are always on the lookout for cash. It doesn’t always mean that a professional thief will break into your store and steal the money. Sometimes, random strangers and even your employees may take away the banknotes, too.
So, it’s really important to diversify your cash storage locations. This will make it difficult for thieves to steal all the cash. If a loss occurs at one point of vulnerability, you can always count on the other backups to save your business. Also, make sure the storage locations are confidential. Not every staff member should know about them, and the ones with access should follow a proper security protocol.
Educate Your Staff
Properly trained employees are your first line of defence against cash-handling errors and fraudulent activities. So, provide comprehensive and regular training on cash handling procedures. This includes recognizing counterfeit currency, accurate counting methods, and adherence to security protocols. We also recommend refresher courses to ensure staff competence and confidence in managing cash transactions.
Have an Emergency Plan Ready
Lastly, make sure to have an emergency plan. Despite preventive measures, unexpected events can disrupt normal cash-handling operations. You and your employees should know what to do in case of robberies, natural disasters, or system failures. How should they protect the current assets? And how should they respond to the clientele? Everything should be outlined in the plan so that swift and effective action can be taken in unexpected circumstances.
